Talks over Everything Everywhere bid

The owner of Boots and Pets at Home is in early-stage talks over an £8bn takeover of Orange and T-Mobile group Everything Everywhere.
By The Newsroom
Published 18th Jun 2012, 07:00 BST

Private equity house KKR is in detailed discussions with Everything’s parent companies, Deutsche Telekom and France Telecom, in the hope of winning approval for its debt-backed bid.

Virgin Mobile founder Tom Alexander and former Vodafone chief executive Arun Sarin are understood to be leading KKR’s negotiations with Everything, which operates the mobile phones of 28 million in the UK. There is no guarantee that a deal will be secured.

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Everything was formed in 2010 by merging Orange and T-Mobile, the British assets of the two European telecoms giants, delivering £3.5bn of cost savings to its owners.

France Telecom’s finance director Gervais Pellissier said last week the company would consider floating a stake in Everything.

Everything is spending £1.5bn over the next three years to secure faster and more reliable coverage.

Related topics:BootsPets at Home